WTI technical analysis: Immediate resistance-line holds the gate for an upside to $64.75/80

Nearly 2-week old trend-line questions energy buyers targeting recent highs.
Latest bounce low around $60.30 could restrict near-term downside.

Anil Panchal FXStreet

WTI is on the bids around $62.30 while heading into the Europe open on Tuesday. The black gold recently bounced off a horizontal-support and is nearing a fortnight old descending trend-line resistance.

If current optimism surrounding the energy benchmark help it cross the $62.40 resistance-line, it’s rise to 23.6% Fibonacci retracement of March – April advances at $63.70 can’t be denied.

However, multiple highs since early April could challenge the bulls around $64.75/80 past-$63.70, which if broken can recall $65.50 on the chart.

On the contrary, $62.00, $61.30 and aforementioned horizontal-support including highs since late-March and recent low, at $60.25/30, can please short-term sellers.

Should there be increased downside under $60.30, $60.00 round-figure and $58.10/58.00 area could flash on bears’ radar.

WTI 4-Hour chart

Trend: Positive

1. R3 66.58
2. R2 64.79
3. R1 63.69
PP 61.9
1. S1 60.8
2. S2 59.01
3. S3 57.91

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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